Business
Exclusive Option on Namakwa Uranium Deposit
Exclusive Option on Namakwa Uranium Deposit.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4834T Xtract Resources plc 20 November 2013 \n \n\n \n20 November 2013\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\n \nExclusive Option Agreement on Namakwa Uranium Deposit in South Africa\n \nXtract Resources Plc (AIM:XTR) has signed an Exclusive Agreement (the \"Agreement\") with Aardvark Uranium Limited (\"Aardvark\") which provides an exclusive 90 day period to conduct the due diligence necessary in advance of the possible acquisition of the Namakwa Surface Uranium deposit in South Africa.\n \nSummary\n \n· Xtract has agreed to pay Aardvark US$100,000 for a 90 day exclusive period to conduct due diligence on the Namakwa Surface Uranium deposit (\"Namakwa Deposit\")\n· The Namakwa Deposit, which is divided into a northern and central zone, has an extensive dataset and full feasibility study that was completed by Anglo Operations Ltd, (\"Anglo\") a subsidiary of Anglo American plc \n· The central zone of the Namakwa Deposit outcrops on surface, is approximately 500m wide with a strike extent of 3km and previous work by Anglo indicates a strip ratio of 1:2\n· The central part of the Namakwa Deposit, covering 5km of strike extent has a SAMREC compliant measured and indicated resource of 2.59Mlb of uranium (1,6Mt @ 734 ppm U3O8 at a cut off grade of 250 ppm U3O8)\n· In addition an inferred SAMREC compliant resource of 1.1Mlb of uranium has been defined (1,07Mt @ 463 ppm U3O8 at a cut off grade of 250 ppm U3O8)\n· Test work done by Anglo indicates metallurgical recoveries of 91%\n· The northern zone (also outcropping on surface) of the Namakwa uranium deposit has been drilled but not defined, with some of the best boreholes showing values of 13.5m @ 159g/t U3O8, 10m @ 176g/t U3O8, 13.5m @ 447g/t U3O8 and 8.5m @ 802g/t U3O8.\n \n \nJan Nelson, CEO commented: \"The Namakwa Deposit is at an advanced stage and there is excellent infrastructure in the area. No further geological work or drilling would be required to evaluate the central zone and our due diligence will concentrate on the consideration of the metallurgical test work programme that would be required to confirm recoveries and...